Acquisition of 45% Stake in the Nigerian SEPLAT

By Maurel Prom, PRNE
Thursday, January 28, 2010

SEPLAT Agrees to Acquire a 45% Stake in OMLs 4, 38 and 41 in Nigeria

PARIS, January 29 - SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD (SEPLAT), SHELL
PETROLEUM DEVELOPMENT COMPANY of NIGERIA Ltd (SPDC), TOTAL E&P NIGERIA Ltd,
and NIGERIA AGIP OIL COMPANY have signed an agreement concerning the
acquisition by SEPLAT of a 45% stake in OML 4, 38 and 41 in Nigerian onshore
operations. The outstanding 55% stake remains the property of the NIGERIAN
NATIONAL PETROLEUM CORPORATION (NNPC).

This transaction, which requires the consent of the NNPC, the
national oil company, and the approval of the Federal Government of Nigeria,
is expected to be completed within the next six months.

MAUREL & PROM acquired a 45% stake in SEPLAT, a
Nigerian-registered company. Subsequent to this deal, MAUREL & PROM would own
20.25% of the rights before royalties (20% for oil) in OML 4, 38 and 41.
SEPLAT's other shareholders include the Nigerian operators PLATFORM PETROLEUM
Ltd (22%) and SHEBAH PETROLEUM DEVELOPMENT COMPANY Ltd (33%). The two
companies operate production and exploration assets in Nigeria, as well as a
floating production, storage and offloading vessel (FPSO). Given that
SEPLAT's capital is mostly held by Nigerian operators, the company has the
legal status of an "indigenous company".

MAUREL & PROM will make an initial investment of US$193 m in
SEPLAT, and will undertake necessary measures to facilitate a similar amount
to finance the share of the other SEPLAT shareholders. This investment does
not require additional public fund raising for MAUREL & PROM. The operating
company will receive technical support from MAUREL & PROM to facilitate
further development of these assets.

According to Gaffney, Cline and Associates, SEPLAT's share of
the transaction would involve 2P (P1+P2) reserves before royalties of 76 Mboe
(Oil and condensates). In addition, other fields have been discovered which
require further work to enable certification of additional reserves, and an
exploration potential which is backed by a set of 2D and 3D seismic lines is
yet to be quantified.

During the transition period, the SPDC teams will exploit the
fields together with the SEPLAT teams, to ensure a smooth transition and to
provide for the full transfer of operations. According to SPDC, the current
operator, the estimated production capacity is approximately 50,000 barrels
of oil equivalent per day (100%). This does not include development of new
fields. Oil production is currently shut down awaiting completion of repairs
to the export pipeline. Restart of production is currently expected by mid
February 2010. Gas production is sold to the local market.

This document may contain forward-looking statements regarding
the financial position, results, business, and industrial strategy of Maurel
& Prom. By nature, forward-looking

statements contain risks and uncertainties to the extent that
they are based on events or circumstances that may or may not happen in the
future. These projections are based on assumptions we believe to be
reasonable, but which may prove to be incorrect and which depend on a number
of risk factors, such as fluctuations in crude oil prices, changes in
exchange rates, uncertainties related to the valuation of our oil reserves,
actual rates of oil production and the related costs, operational problems,
political stability, legislative or regulatory reforms, or even wars,
terrorism or sabotage.

             Maurel & Prom is listed for trading on Euronext Paris -
                          Compartment A - CAC mid 100 Index

              Isin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA

                             Prochains rendez-vous :
    02/02/2010         2009 Sales
    04/08/2010         2009 Results, analysts meeting
    05/20/2010         Annual General meeting

    For further information, visit www.maureletprom.com

    Contact:
    INFLUENCES
    +33-1-42-72-46-76
    communication@agence-influences.fr

Contact: INFLUENCES, +33-1-42-72-46-76, communication at agence-influences.fr

YOUR VIEW POINT
NAME : (REQUIRED)
MAIL : (REQUIRED)
will not be displayed
WEBSITE : (OPTIONAL)
YOUR
COMMENT :